Indian Prime Minister Narinder Modi addresses a public rally in Srinagar on November 7, 2015. Prime Minister Narendra Modi announced a 12 billion dollar financial assistance to Indian-administered Kashmir more than a year after deadly floods devastated parts of the disputed Himalayan region. AFP PHOTO/ Tauseef MUSTAFA (Photo credit should read TAUSEEF MUSTAFA/AFP/Getty Images)

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Srinagar -- Invoking Atal Bihari Vajpayee's mantra for development, Prime Minister Narendra Modi today announced a package of Rs 80,000 crore for Jammu and Kashmir and pledged to transform it into a new, modern, progressive and prosperous state.

Recollecting the words of the former Prime Minister-- "Kashmiriyat, Jamhooriyat aur Insaniyat' (social consciousness and cultural values of the Kashmiri people, democracy, and humanity), he said, "I will like to follow these three mantras which are the pillars of development of Kashmir".

"I don't need advice or analysis from anyone in this world on Kashmir. The three mantras of Atal jee and these will be helpful in moving forward. Kashmiriyat ke bina Hindustan adhura hai. (Without Kashmiriyat, India is incomplete). Sufi tradition has emerged from this land and this tradition has taught us oneness and strength of unity," he said.

In his second public rally in Kashmir after becoming the Prime Minister, Modi announced the package and said that this is not a full stop as "our hearts are also open for you".

"The Centre announces Rs 80,000 crore package to the state. It's my heart-felt desire that this money will be helpful in turning your fate. This money should be used for converting the state into a new Jammu and Kashmir which is modern, prosperous and progressive state.

"This is not a full stop. This Rs 80,000 crore is not a full stop. It's rather a beginning...Dilli ka khazana aap ke liye hai, Dilli ka khazana hee nahi, dil bhi aap ke liye hazir hai (The treasury is for you. Not only our treasury, but our heart also beats for you)," said Modi, who was flanked by Chief Minister Mufti Mohammed Sayeed, Union Minister Nitin Gadkari and Jitendra Singh and PDP President Mehbooba Mufti.

"The dreams of two generations have been lost in last two decades. But I am an optimist and would like to move ahead and covert Jammu and Kashmir into a modern and developed state," he said addressing the rally at Sher-e-Kashmir cricket stadium.

The Prime Minister said that the youth of the state needed employment and assured the Mufti Sayeed-led PDP-BJP alliance that the Centre was standing rock solid behind it in its endeavour to restore normalcy in the state.

"We may touch any heights in economy and technology. And no matter how much the life changes, we may even build a castle in the air, but it is only our soul that inspires us to respect the dignity of self and others," he said.